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Wyoming County Business Assistance Corporation "Loan Corp"
The Wyoming County Business Assistance Corporation (WCBAC) was formed in February 2009 as a private, not-for-profit 501(c)3 Local Development Corporation. The Corporation was formed for the sole purpose of managing business loan funds on behalf of the Wyoming County IDA.
View the Wyoming County Business Assistance Corporation Reports.
WCBAC Loan Program
The WCIDA provides a Business Development Revolving Loan program ("BDRL") under the Wyoming County Business Assistance Corporation.
The WCBAC provides gap financing to help businesses secure needed funds for their projects and works with traditional financing institutions as well as state and federal programs to encourage economic development. This cooperative approach to financing opportunities offers the prospective borrower a more diverse financing package and leverages all funding opportunities available for their specific needs.
Terms and Conditions
Conditions of loan will be determined by the WCIDA Board at its discretion, based on such factors as the structure of other related loans, the nature of the collateralized assets, and the borrower's projected ability to pay. The WCBAC generally takes a subordinate position to the traditional lender or financial institution.
Terms of loan of a fixed asset loan will generally be consistent with the useful life of the assets being financed, such as life periods consistent with standard commercial lending policies: land and building loans, up to 15 years, machinery and equipment for up to 10 years and working capital up to 5 years.
Eligible Uses of Funds
Fixed assets, current assets (including; inventory, receivables and permanent working capital), business activities manufacturing (defined as fabrications, assembly, processing, growing, packaging, or other enterprises that involve production of an end product), retail, other (transportation, utilities, communications, construction trades, wholesale distribution, agriculture, forestry, accommodations, recreation, food and beverage, art/craft and professional services.
The sole Member of the Corporation is the Wyoming County Industrial Development Agency. The Officers of the Corporation serve simultaneous roles for the WCIDA and WCBAC.